The statistical agency further stated in its 3rd Quarter 2016 External Trade News: Trade Intensity Index/Re-Exports Analysis, which was released yesterday that the value of exported agricultural products rose by 5.30 percent relative to Q2., while imported raw materials was 32.05 percent higher in value than the previous quarter.

Essentially, the report serves to complements the quarterly trade reports- particularly the Q3 foreign trade statistics released recently, by providing a clearer analysis of sectoral classification of imports and exports at a more aggregated level, without crude oil and oil products which tend to distort and disguise other trade patterns due to their size.

In the new analysis by the NBS, wood fuels are separated from mineral fuel which was classed in the same category with crude oil and other oil products.

It further enhances the regular trade report by deepening trade analysis by introducing the concept of re-exports and trade intensity, according to the NBS.

Nevertheless, other oil products grew by 43.3 percent in the period under review compared to Q2 estimates while solid minerals exports grew by 220.96 percent.

The NBS said the value of manufactured products exports was also 21.86 percent more than the record in Q2 while crude oil exports rose 30.86 percent in Q3.

Crude oil exports accounted for N1.94 trillion or 4.2 percent of total trade.

According to the NBS:”The Country’s import intensities were also high with India (2.57, 2.49 and 1.28) and the Netherlands (4.38, 2.57 and 1.04) during the same months. However, the import intensity of Nigeria with United States and Spain were lower, with indices less than one other than for Spain in August. This is possibly a result of the mix of products imported from these countries, which may have been affected more by the CBN import regulations.”